95
95
tv
eye 95
favorite 0
quote 0
. >> we have massive deficits, a big tax increase hat no apparent willingness to get government off people's backs by reducing government spending, and all of that is a heavy, heavy weight on the private sector. firms around the nation are sitting on cash instead of creating jobs. >> reporter: on wednesday the commerce department announced economic growth actually fell to a-10% the last three months of last year, the chairman of the president's council of economic advisers says other indicators remain positive. >> consumer spending increased. business investment. residential construction. >> reporter: the jobs report showed a larger number of people dropped out of the labour force than down jobs. a former administration economist says some of that is to be expected. >> the population is aging, so we expect to have a fair number of people retiring every month for the next ten years or more as the baby boomers retire. >> reporter: the conference board reports a sharp increase in the number of older workers considering delaying retirement, which could make it more difficult for young people to
. >> we have massive deficits, a big tax increase hat no apparent willingness to get government off people's backs by reducing government spending, and all of that is a heavy, heavy weight on the private sector. firms around the nation are sitting on cash instead of creating jobs. >> reporter: on wednesday the commerce department announced economic growth actually fell to a-10% the last three months of last year, the chairman of the president's council of economic advisers says...
53
53
tv
eye 53
favorite 0
quote 0
the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of people who will be eligible for medicare will be rising sharply. gerri: they expect gdp to rise this year and next year an average of 3.6% after that and then slowing. cbo expects unemployment average 8% this year and seven points six% next year that is the first time that has happened in 70 years. with the recent tax increases and spending cuts the cbo says it will cost 1.2 5% percentage points of gdp but with deficits reduce it boost growth and employment in the future. gerri: while the cbo war and gas the president tried to put the squeeze on congress to pass small spending cuts and pass more tax hikes. w
the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of...
100
100
tv
eye 100
favorite 0
quote 0
the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the senate has not passed one commend the president of the united states said this back in 2011. november 41st. already, he said, some in congress are trying to undo these automatic spending cuts, much like he did today at 115 eastern time. my message to them back in 2011, no, i will be there through any effort to get rid of automatic spending cuts to domestic and defense spending said the break president at that point. your reaction? >> that was president obama circa 2011. candid obama in a debate set s
the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in...
43
43
tv
eye 43
favorite 0
quote 0
as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75
as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets,...
110
110
tv
eye 110
favorite 0
quote 0
reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in china will get the first free union vote. these guys produced 40% of the world's electronics. will this push up the price of your smartphone? you might want to embrace for impact. even when they say it's not it is always about money melissa: first let's take a look at today's market moments. stocks recovered after the worst day of the year. solid u.s. and european economic data helped put the bulls back on the track. the dow briefly climbed back above the 14,000 mark and pared session highs closing up 99 points. nasdaq and s&p 500 each gained more than 1%. >>> starting off tonight with pr
reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in...
99
99
tv
eye 99
favorite 0
quote 0
now, at some point we're going to have to begin reducing the deficit. when we do, the economy will be weak. that will make the deficit challenge even greater. it's a negative feedback loop. right now when all these democrats say, look, mr. market is saying go ahead, borrow, we don't square. that is not a really market. that's the echols building. that's one side of washington telling the other side, don't worry, i'm buying all the bonds. now, if you think this kind of ponzi finance is anything to do with capitalism or free markets or anything to do with sustainability, then you've read an economic textbook that didn't even exist in 1995. dagen: david, thank you so much. david stockman, i know it's like facelift. like the first few you get it kind of hides your age, but eventually you're going to look, well, 8 6. connell: hasn't thought of it that way, but as always, you bring up a unique perspective. dagen: what? i'm really 75. connell: well, you look great. the ftc is pressing for new guidelines on the mobile industry. dagen: and if your worried you --
now, at some point we're going to have to begin reducing the deficit. when we do, the economy will be weak. that will make the deficit challenge even greater. it's a negative feedback loop. right now when all these democrats say, look, mr. market is saying go ahead, borrow, we don't square. that is not a really market. that's the echols building. that's one side of washington telling the other side, don't worry, i'm buying all the bonds. now, if you think this kind of ponzi finance is anything...
80
80
tv
eye 80
favorite 0
quote 0
to pay down the deficit. and it should be used to potentially make our businesses more competitive. now, i think, is balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and senate are working towards budget proposals that i hope help reflect this balanced approach. having said that, i know that having a full budget may not be finished before march 1. unfortunately, that is the date my fear is a powerful automatic cuts also known as the silk was sure are scheduled to take effect. if congress cannot act immediately on a bigger package -- i believe they should at least pass a smaller package of spending cuts and tax reforms that would delight the damaging effects of the sequester for a few months. there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to ment
to pay down the deficit. and it should be used to potentially make our businesses more competitive. now, i think, is balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and senate are working towards budget proposals that i hope help reflect this balanced approach. having said that, i know that having a full...
99
99
tv
eye 99
favorite 0
quote 0
i think that everybody recognizes we have to reduce the deficit. the deficit is out of control. the only reason we've been able to sustain this level of deficit is because the fed prints money and buys 70%-75% of the country's debt. that can't continue. if you're going to address the issues -- you know, this peace meal, kicking the can down the road, a couple more months, a couple more months, people are sick of that. address entitlements. they are 60% of the budget. the president needs to lead on this with a budget with rational proposals, something to at least get a democrat to vote for it. the budgets so far don't get democrats on republicans' votes. we have to deal with the real problem here which is that we spend a whole lot more money than we bring in with 60% going to entitlements that do not survive if not revised. cheryl: you're a business owner, ran cko, close to insolvency, and you brought the company back. you know what you are talking about. how do you get job creation? more jobs in the country, more tax revenue coming into the government. it seems that whether it's
i think that everybody recognizes we have to reduce the deficit. the deficit is out of control. the only reason we've been able to sustain this level of deficit is because the fed prints money and buys 70%-75% of the country's debt. that can't continue. if you're going to address the issues -- you know, this peace meal, kicking the can down the road, a couple more months, a couple more months, people are sick of that. address entitlements. they are 60% of the budget. the president needs to lead...
83
83
tv
eye 83
favorite 0
quote 0
have to get your act together, have you not been able to produce a budget, not able to bridge down the deficit as you promised as president promises in his first term this run away spending that idea that you just soak the rich there ain't enough rich to soak, let's show a little bit of the report and reduce the cost of size of government. charles: politicallia, i am familiar with your thoughts and words in the past there is a large segment of democratic parties or voters who are not looking at this from a phys call point ofiscalpoint of view, buta justice for the ranges of wester year -- wrongs of yesteryear. >> i don't know what you mean. charles: redistribution of wealth, excessive taxation, deon de-- demonizing businesses. >> this is the evolution of a country, every 4 years we get a chance to choose a different president, and this time we decided not to. you know, i really don't think that there is -- lou: that is not an economy argument. >> i really, -- that was not his question. charles: so, guy -- >> it was about politics, to respond, i think that dc is too barpartisan, i am not in dc
have to get your act together, have you not been able to produce a budget, not able to bridge down the deficit as you promised as president promises in his first term this run away spending that idea that you just soak the rich there ain't enough rich to soak, let's show a little bit of the report and reduce the cost of size of government. charles: politicallia, i am familiar with your thoughts and words in the past there is a large segment of democratic parties or voters who are not looking at...
79
79
tv
eye 79
favorite 0
quote 0
annual deficit deficit continueo shrink until 2017 when interest in health care costs increase deficits. in the next 10 years the u.s. will add almost $7 trillion to the national debt and totaled $26 trillion by 2023. while the national debt compared to the size of the economy stabilizes over the next decade, climbs much higher in the future. the director says the primary culprit, health care spending. >> we still see substantial growth in federal health care spending over the coming 10 years and beyond. that is importantly because the number of people who will be eligible for medicare will be rising very sharply. >> as the economic forecast, expecting gdp to expand 1.4% this year, 3.4% next year, average 3.6% to four years after that and slowing beyond there. expecting unemployment to average 8% this year and 7.6% next year, marking six straight years above $0.7.5, first time that has happened in 70 years. the recent tax increases and spending cuts on the economy, the office says they will cost one and a quarter percentage point to gdp and one half to 2 million jobs this year though wi
annual deficit deficit continueo shrink until 2017 when interest in health care costs increase deficits. in the next 10 years the u.s. will add almost $7 trillion to the national debt and totaled $26 trillion by 2023. while the national debt compared to the size of the economy stabilizes over the next decade, climbs much higher in the future. the director says the primary culprit, health care spending. >> we still see substantial growth in federal health care spending over the coming 10...
93
93
tv
eye 93
favorite 0
quote 0
the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national average for regular up more than a penny, now at 3.54. just in the past month the price of gas spiked about 25 cents a ga
the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax...
88
88
tv
eye 88
favorite 0
quote 0
. >> now, huge deficit in the state of california, and tax hike trying to fix it. we're learn that state is no longer makinga algebra a requirement for eighth graders, bad timing, they already have a hard time boein doing math. >> don't you love hypocrisy, politicians that california condition apply simple math, and now trying to dumb down the math system, if i was a smart family or business in california, i would take up rick perry's offer and move to texas with lower taxes and a better school system. >> adam, what do you make of this? >> it is this topic has nothingo with taxes. educators in southern california have a problem. students are not doing well in theira algebra classes they are following national standards that suggestion it might be better for students to wait, i think this is horrible. i would rather that everyone student in californiaav algebra in eighth grade, that is the goal, the answer is get them prepared better, that is not just a tax issue, you could make it a tax issue. >so.liz: you are so humorless t. it flew over your head. >> i thought it
. >> now, huge deficit in the state of california, and tax hike trying to fix it. we're learn that state is no longer makinga algebra a requirement for eighth graders, bad timing, they already have a hard time boein doing math. >> don't you love hypocrisy, politicians that california condition apply simple math, and now trying to dumb down the math system, if i was a smart family or business in california, i would take up rick perry's offer and move to texas with lower taxes and a...
82
82
tv
eye 82
favorite 0
quote 0
if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make the case we should cut spending short term to help our children down the road or ourselves depending how long you are, people poo-poo that is not like real math s that real math we saw on the bar charts? >> that is real math and the second example of that real math is what the cbo put out which says, suppose you do nothing? well, then we have a fault turf bad growth. their long-term growth rate for the u.s. has been marked down from 2 1/2% a year ago to 2.2%. and that's testimony to a staggering debt burden this economy is bearing. whether you look at it as the bad
if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make...
71
71
tv
eye 71
favorite 0
quote 0
increasingly frustrated that the solution to decades of deficit spending is more taxation. >> the president doesn't believe we have a spending problem. he believes spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. washington has to deal with its spending problem. i watched him kick the can down the road, i have had enough of it. >> a day after they dismissed the suggestion to again postpone tens of billions of dollars of mandatory spending cuts and other departments blooming under what is sequestration the defense secretary renewed his dire warnings. >> my greatest concern today is that we are putting our national security at risk by lurching from budget crisis to budget crisis. >> downgrading the entire civilian workforce and freeze pay for members of congress. >> this is a way of doing it without cutting defense system without cuing domestic and without raising taxes. >> they plan me with the joint chiefs to show how dangerous it can be. the cuts will be. lou: thank you. it is of course no accident the pentagon chose today to focus
increasingly frustrated that the solution to decades of deficit spending is more taxation. >> the president doesn't believe we have a spending problem. he believes spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. washington has to deal with its spending problem. i watched him kick the can down the road, i have had enough of it. >> a day after they dismissed the suggestion to again postpone tens of billions of dollars of...
86
86
tv
eye 86
favorite 0
quote 0
lori: you look at our ballooning national debt in the battle over the current deficit. what is the best outcome? >> that would be for the federal government to reduce spending. that is just all there is to it. lori: where exactly? i have to interrupt you, we are not getting enough detail as to where those tough cuts should come. >> i think they should come from everything. we definitely have to have some entitlement reform. you are seeing an explosion in expenditures in all areas of government. it will have to be trimmed back. one of the things we will be doing is finding those areas in our respective jurisdictions. lori: how do you think about the meat cleaver, if you will, regarding the cuts? >> well, it will happen unless the president wants to come to talk to us about meaningful cuts. the house has passed two bills now. this president is basically says no and does not want to talk to us. he needs to come talk to us. otherwise, it will happen and it will be very tough on a lot of different areas. lori: one silver lining in this national small business association, or
lori: you look at our ballooning national debt in the battle over the current deficit. what is the best outcome? >> that would be for the federal government to reduce spending. that is just all there is to it. lori: where exactly? i have to interrupt you, we are not getting enough detail as to where those tough cuts should come. >> i think they should come from everything. we definitely have to have some entitlement reform. you are seeing an explosion in expenditures in all areas of...
77
77
tv
eye 77
favorite 0
quote 0
annual deficits continue to shrink until 2017 when interest and health care costs begin increasing deficits again. in the next 10 years, cbo says the u.s. will add almost $7 trillion to the national debt. the problem mostly? entitlements? the fix? painful. >> it is possible to keep tax revenues at that time their historical average percentage of gdp but only making substantial cuts relative to current policies in the large benefit programs that aid a broad group of people. >> now on the other side elmendorf says you can keep benefits the same but you've got to raise taxes substantially. let's go to the economic forecast here. cbo expects unemployment to average 8% this year and 7.6% next year, marking six straight years above 7.5%. that is the first time that happened in 70 years. as for growth, cbo expect as sluggish economy this year and growth to pick up next year. back to you. david: rich, all of these forecasts are subject to change. i haven't seen a growth forecast that has been accurate, i think in my lifetime? >> know it's funny, we kept asking are you certain about this detail? dou
annual deficits continue to shrink until 2017 when interest and health care costs begin increasing deficits again. in the next 10 years, cbo says the u.s. will add almost $7 trillion to the national debt. the problem mostly? entitlements? the fix? painful. >> it is possible to keep tax revenues at that time their historical average percentage of gdp but only making substantial cuts relative to current policies in the large benefit programs that aid a broad group of people. >> now on...
62
62
tv
eye 62
favorite 0
quote 0
. >>> plus, could legalizing marijuana help the deficit go to pot? new legislation would generate tens of billions of dollars in tax revenue. the congressman behind it all joins us to explain. do you ever have too much money? ♪ to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide. fedex. ♪ they said go to school and be a college kid -- melissa: the student loan catastrophe we are seeing all around us, colleges and universities now suing graduates that aren't paying back their loans. the number of students defaulting on their perkins loans, though --
. >>> plus, could legalizing marijuana help the deficit go to pot? new legislation would generate tens of billions of dollars in tax revenue. the congressman behind it all joins us to explain. do you ever have too much money? ♪ to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better...
102
102
tv
eye 102
favorite 0
quote 0
we have big deficits. lori: the decrease in government spending continue to equate it to the government downsizing? many republicans are looking. spending cuts. >> a little bit. it is not drmatic. it is not the size of government is falling of a cliff, his traveling down, not up. lori: the senate approved a house plan to approve the debt ceiling and hold off on congressional pay if they don't get a budget deal for the next ten years. you say this is more of a risk and even the fiscal cliff was. >> oh, yes. the debt ceiling is a potentially large fiscal contraction like the fiscal cliff was. even bigger, actually, if you do the math. debt ceiling is you cannot borrow, so you have to balance the budget tomorrow. in addition to that, there was the kind of not very real threat that we might default on the national debt or postpone payments, o you're playing with a combination of a big fiscal contraction and the possibility of triggering a financial crisis also. lori: i want to ask you about your book. after th
we have big deficits. lori: the decrease in government spending continue to equate it to the government downsizing? many republicans are looking. spending cuts. >> a little bit. it is not drmatic. it is not the size of government is falling of a cliff, his traveling down, not up. lori: the senate approved a house plan to approve the debt ceiling and hold off on congressional pay if they don't get a budget deal for the next ten years. you say this is more of a risk and even the fiscal...
83
83
tv
eye 83
favorite 0
quote 0
rich: $1.1 trillion, that was our deficit for 2012. this is the most recent projections by the office. this year, a budget deficit -- the decade production was $2.26 trillion. these numbers will be much different. much worse. it must examine the budget as if congress does absolutely nothing. and current policy continues. we have had some changes. mainly that built that passed congress earlier in the year. millions of middle-class americans do not have to pay the amt. it also changed the estate tax bumping down the rate of little bit lower than what it had been over the exception of little bit higher. the numbers we just show you, the real numbers will be much worse. we will find out at 1:00 o'clock. back to you. dagen: are we going to be in a statement from the white house at 1:15 p.m.? rich: he will talk about the sequester. he will push for congress to pass a smaller package of spending cuts and tax reform to avoid the economically harmful consequences. he wants tax increases and spending cuts. the tax issue is closed, says the repub
rich: $1.1 trillion, that was our deficit for 2012. this is the most recent projections by the office. this year, a budget deficit -- the decade production was $2.26 trillion. these numbers will be much different. much worse. it must examine the budget as if congress does absolutely nothing. and current policy continues. we have had some changes. mainly that built that passed congress earlier in the year. millions of middle-class americans do not have to pay the amt. it also changed the estate...
50
50
tv
eye 50
favorite 0
quote 0
they cannot afford to raise rates a lot, not with $16 there in deficit and the economy slightly diminishing, and, you know, this unemployment number, they can't afford to raise the rates. gerri: well, i hear you. i don't know if they are listening. rates slowly ticking higher here. will that do anything to the housing rebound. do you worry people will step back and not buy? >> no, not yet. when you look at it realistically, buy a $275,000 house with 5% down, your monthly payment is still less than in 1987 buying $175,000 house with 5% down. we're still in a better era today for housing than we have been in a long time, and rates are at 3.5%. i mean, that is still exponentially low. people need to understand where we were, where we are, and just move. if you want to refinance, it's time now. gerri: we're showing a graph, a chart of 30-year mortgage fixed rates from all the way back to 2008-2009, and it is the steep slope south to 20 # -- 2013. it's about comical people are worried about rates popping up because most people have never seen this in their lifetimes; right? how often in your car
they cannot afford to raise rates a lot, not with $16 there in deficit and the economy slightly diminishing, and, you know, this unemployment number, they can't afford to raise the rates. gerri: well, i hear you. i don't know if they are listening. rates slowly ticking higher here. will that do anything to the housing rebound. do you worry people will step back and not buy? >> no, not yet. when you look at it realistically, buy a $275,000 house with 5% down, your monthly payment is still...
90
90
tv
eye 90
favorite 0
quote 0
does the government need more tax rev -- revenue to cut the deficit? no doubt, says president obama. the judge calls it theft. he's here next. >> as we do every day at this time of day. let's take a look at the 10-and 30-year treasuries as we head to break. we'll be right back. ♪ this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. ♪ >> this is requester fox business brief. stocks under pressure as of dow closed above 14,000 friday, a weaker than expected factory orders report drags down the market. the government says it orders rows 1.8% in december versus a forecast of 2.2%. we'll look out for numbers of yum brands after the close today. the parent company of taco bell, kfc, and pizza hut is expected a profit of 11 cents a share on $4.1 billion. prepare for fish mcbites. mcdonald's offers them as the
does the government need more tax rev -- revenue to cut the deficit? no doubt, says president obama. the judge calls it theft. he's here next. >> as we do every day at this time of day. let's take a look at the 10-and 30-year treasuries as we head to break. we'll be right back. ♪ this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your...
60
60
tv
eye 60
favorite 0
quote 0
about the death that comes from the growing deficit so taking a stab at that for the first time in a long time will be beneficial to the economy. connell: are we making progress yet or is there much, much more to do? it is not just economists on the left making this argument, listen, to an half trillion being cut, we are getting there. smell is not the time to get all ciccone in. what do you say of those people? >> in 2007 we were spending 19.7% of gdp in the federal government. it is now around 23 or so. we want to get it back to where it was, so it is not austerity, it is not ciccone and, it is going back to a sensible level of spending. dagen: is a real problem the federal reserve, zero interest rate policy, buying treasury debt and mortgage securities, said the reason congress gets to get away with what it has been doing? >> it makes a little bit easier with the low rates and zero rates, so it is counterproductive but i think the main thing is people have to understand we had a spending explosion quite frankly and we just have to address that before it gets worse and it is always
about the death that comes from the growing deficit so taking a stab at that for the first time in a long time will be beneficial to the economy. connell: are we making progress yet or is there much, much more to do? it is not just economists on the left making this argument, listen, to an half trillion being cut, we are getting there. smell is not the time to get all ciccone in. what do you say of those people? >> in 2007 we were spending 19.7% of gdp in the federal government. it is now...
67
67
tv
eye 67
favorite 0
quote 0
trade deficit unexpectedly narrowed in december. according to the commerce department, the trade gap fell on the drop of oil imports and hire exports. 16% say they are late at least once a week. the most common excuse is traffic. that is the latest from the fox business network. giving you the power to prosper. ♪ [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. your financial advis should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who thinlike you do. face time and think time make a difference. at edward jones, it's how we me sense of investing. dagen: talk about a recovery. the number of homes sold for $5 million or more hitting a record number in california last year. that is where we find robert gray. in the hollywood hills above los angeles with real estate agent, well, extraordinaire. tell him i am looking at t
trade deficit unexpectedly narrowed in december. according to the commerce department, the trade gap fell on the drop of oil imports and hire exports. 16% say they are late at least once a week. the most common excuse is traffic. that is the latest from the fox business network. giving you the power to prosper. ♪ [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law...
96
96
tv
eye 96
favorite 0
quote 0
forecasting our future deficits. expect a lot of red ink. i expect a lot. president obama will miss his budget deadline. it is the third year and a row in the fourth time they have done that. you know, after all of that, i need a change of subject. i give you budweiser's clydesdale commercial. ♪ ♪ i took my love and i took it down mobile i climbed a mountain and i turned around ♪ ♪ stuart: that really was heartwarming. it was the number one super bowl ad. at 10:45 a.m., we have a very force on the road and the man who created that ad. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative
forecasting our future deficits. expect a lot of red ink. i expect a lot. president obama will miss his budget deadline. it is the third year and a row in the fourth time they have done that. you know, after all of that, i need a change of subject. i give you budweiser's clydesdale commercial. ♪ ♪ i took my love and i took it down mobile i climbed a mountain and i turned around ♪ ♪ stuart: that really was heartwarming. it was the number one super bowl ad. at 10:45 a.m., we have a very...
79
79
tv
eye 79
favorite 0
quote 1
keynesian can kicking, the economy has to be supported by a tril do i don't know dolla- trillion dollar deficit, if it is not we're going down the drain, that is nonsense, we cannot keep borrowing from future generations, and passing out money, and so we could have a little more gdp a quarter of a time, we have to face up to this, we did in 1980s, the system today is incapable, i blame the fed and greenspan for creating thar ofa wall street coddling. once they said they could not allow the stock market to drop more than 5%, and prop up the big wall street houses -- . charles: david, you criticized romney a lot during the election, talking about crony capitalism but the same token have you been a critic of paul ryan as well. so who has a solution? if mitt romney did not represent capitalism, this defore may be of capitalism in your book, what is that about? >> it is getting back to first principles and remembering what we used to think in the 19 70s, and 60s, and the 1920s, today it is such a lincoln day dinner rhetoric. romney was unwilling to cut defense, he said nothing about social security.
keynesian can kicking, the economy has to be supported by a tril do i don't know dolla- trillion dollar deficit, if it is not we're going down the drain, that is nonsense, we cannot keep borrowing from future generations, and passing out money, and so we could have a little more gdp a quarter of a time, we have to face up to this, we did in 1980s, the system today is incapable, i blame the fed and greenspan for creating thar ofa wall street coddling. once they said they could not allow the...
78
78
tv
eye 78
favorite 0
quote 0
what is a reasonable timetable for when the deficit and the debts are a big, big problem? >> i think in my view, it is as far as the eye can see. we are always thinking about a ten year horizon. we need to broaden not out even further. when you do that, the problem becomes a lot more acute. with a debt to gdp ratio, it is not so serious compared to other countries such as japan. it just is not as dire as the headlines suggest. connell: when do we deal with it? is there something to this argument to spend more money so we can create jobs? what is the timetable for when we actually should deal with it? >> i think that if you ask me do we have to do with the problem and the next three months or the next 30 seconds, the answer is no. the economy is growing below 2%. in that kind of an environment, you have to continue to be supportive. when you look at the payroll tax, that takes a considerable chunk off. you have to sequester that will take off an equal amount. we have to be careful not to overdo it. connell: the payroll tax, we have seen some confident numbers this week. i d
what is a reasonable timetable for when the deficit and the debts are a big, big problem? >> i think in my view, it is as far as the eye can see. we are always thinking about a ten year horizon. we need to broaden not out even further. when you do that, the problem becomes a lot more acute. with a debt to gdp ratio, it is not so serious compared to other countries such as japan. it just is not as dire as the headlines suggest. connell: when do we deal with it? is there something to this...
161
161
tv
eye 161
favorite 0
quote 0
he inherited a deficit about $2 billion, and within five yea
he inherited a deficit about $2 billion, and within five yea